Jan. 9, 2013 – The CFPB is expected to issue its final rule on combined Truth in Lending Act and Real Estate Settlement Procedures Act disclosures in September, according to the CFPB semiannual regulatory agenda released Tuesday.
NAFCU has urged the CFPB to coordinate implementation of its rules on mortgage lending to avoid the imposition of numerous, piecemeal rule changes that require credit unions to carry out repeated revisions to their mortgage lending compliance processes. It has sought the same approach with respect to rules from NCUA and other regulators with authority over credit union services and operations.
While TILA/RESPA disclosures are slated for September action, other mortgage rules are expected to be finalized this month. These address what is a “qualified mortgage” as well as rules on mortgage loan originator compensation, mortgage servicing and escrow requirements.
The qualified mortgage definition could be released in a final rule this week. The other three proposals are expected to come out within the next two weeks to meet a deadline imposed by the Dodd-Frank Act.
Other activities listed in the CFPB regulatory agenda include:
- final revisions this August for Regulation CC, which implements the Expedited Funds Availability Act (to be carried out jointly with the Federal Reserve Board);
- a proposal to require data collection on loan applications from minority- and women-owned businesses and small businesses (date to be determined).
The agenda published in Wednesday’s Register covers bureau regulatory activities from October 2012 to October 2013. A revised agenda will be published this spring, the notice states.